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Winback and Acquisition Strategies in Customer Relationship Management

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Winback and Acquisition Strategies in Customer Relationship Management

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Customer Winback and Acquisition Strategies play a key role in the success of any organization. Basically, winning back lost customers is a hard task in which an organization should be successful. here it is expected to discuss several strategies that can be utilized in customer winning back. Those strategies will be very significant for any business organization in any field.

Customer Winback and Acquisition Strategies play a key role in the success of any organization. Basically, winning back lost customers is a hard task in which an organization should be successful. here it is expected to discuss several strategies that can be utilized in customer winning back. Those strategies will be very significant for any business organization in any field.

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Winback and Acquisition Strategies in Customer Relationship Management

  1. 1. By Sanath Dasanayaka
  2. 2.  Loss of customers;  Reduces profits.  Creates low morale among employees.  Higher employee hiring and training expenses.  By keeping existing customers, a firm minimize any negative word-of-mouth. 5/23/2014 2
  3. 3.  Knowledge on customers is the key to successfully winning back lost customers.  Computer information technology allows the access to and analysis of detailed customer data. 5/23/2014 3
  4. 4. 1. Strategies for saving a defector: there are both immediate and longer-term steps you need to take to have a lost customer back.  Quick Strategy: If a valued customer has told you in person that they are no longer going to be buying from you. This is time to;  Listen carefully and acknowledge their complaint. Be contrite!  Don’t pass the buck and say, “I’ll have to talk to my manager…”  Offer a generous solution.  Give the customer options.  Be gracious whatever the customer decides. 5/23/2014 4
  5. 5.  If the customer has decided to accept your immediate win back solution, make sure you thank the customer. make the necessary changes to avoid this situation with any other customers. 5/23/2014 5
  6. 6.  Longer-Term Strategy Up Front: think from the customer’s perspective. Leave the former client or customer with a good impression. Remember that even though they may not be buying from you anymore, they will be meeting other clients who may need your goods or services. Don’t give them an opportunity for negative word-of mouth.  Understanding of this customer’s current needs and a sense of trust:  Choosing the Appropriate Message, Media and Frequency: your goal is showing that your product offers a better value than anything from a competitor. You need to create a message that is both relevant and personal. 5/23/2014 6
  7. 7. 2. Strategies for saving a customer who is about to defect: saving losing customers.  Customer CPR :Once you have identified customers who are at risk of leaving, then you need to apply customer CPR.  Comprehend: Listen to your customers. Let them rant, if necessary. In listening, identify what triggered their dissatisfaction. It takes considerable skill-and training-to handle irate customers tactfully. 5/23/2014 7
  8. 8.  Propose: Ask the customers what they need from you to resolve the problem, and to keep them as a customer. Three strategies-agreement, tentative agreement, disagreement. 5/23/2014 8
  9. 9. 3. Make your company defection proof:  Creating a Customer Information System: collect customer information with each sale, through customer surveys, personal interviews, frontline dialogue.  Remember all satisfied customers are not loyal customers. 4. To create loyal customers, start with loyal employees: Some customer loyalty studies indicate that staff turnover is given as the reason for customer defection more than 50 percent of the time.  Teams can be cross-functional (involving employees from different disciplines) or cross-trained (members are trained in several different skills). 5/23/2014 9
  10. 10.  Following organizational structures are significant.  The Matrix Organization: Team members report to both functional and hierarchical managers.  The Lattice Organization: Employees are organized solely around projects.  Flat Organization: Cross-functional teams are dominant, and there is a high degree of employee autonomy. 5/23/2014 10
  11. 11. 5/23/2014 11
  12. 12. By; D.M. Sanath Dasanayaka. University of Sabaragamuwa, Sri Lanka. May, 2014. (e-mail: sanath.dasanayaka@yahoo.com) 5/23/2014 12

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